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    121 Peter Pan Rd Independence, KS 67301-7307

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    121 Peter Pan Rd Independence, KS 67301-7307

    View on Map
    • Outlet malls
    • 153,207 SF
    • 19.19 lot acres
    Off-Market
    Property ID
    US33-0765770
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $7,920,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Walmart House Cleaning Services / Hardware & Home Improvement
    • Walmart Deli / Food Market / Restaurant
    • MoneyGram / Bank / Credit Union
    • Western Union / Bank / Credit Union
    • Ria Money Transfer - Walmart / Bank / Credit Union

    Property Details for 121 Peter Pan Rd

    Year built
    2000
    Lot size
    19.19 lot acres
    Property size
    153,207 SF
    Property type
    Outlet malls
    Property subtype
    Shopping centers
    APN
    087-35-0-20-01-009.00-0
    APU
    873502001009000

    Description

    This 1.98-acre commercial land parcel in Independence, Kansas, offers excellent visibility from W Main Street and benefits from its proximity to a high-traffic Walmart, averaging nearly 118,000 visitors monthly. The property is zoned C-4, providing flexibility for a variety of commercial uses. Its location less than ten minutes from Independence Community College, with an annual enrollment of 900 students, presents a significant opportunity to tap into a local student population. Furthermore, the site's proximity to Elk City State Park, known for its extensive hiking and biking trails, adds to its appeal. This outparcel presents a unique opportunity for developers seeking high visibility and access to a substantial customer base and recreational amenities. The property is situated at 121 Peter Pan Rd, Independence, KS 67301, in Montgomery County. The address is verified, and the latitude and longitude coordinates are 37.22564193893557, -95.74359815687936 respectively. This location offers significant potential for commercial development given its strategic placement and zoning. The 1.98 acres provide ample space for a variety of commercial ventures.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $10,170,000
      Current use
      AUTO REPAIR, GARAGE
      $12,700,000
      Change: +25% Conversion: Difficult
      WAREHOUSE, STORAGE
      $11,470,000
      Change: +13% Conversion: Difficult

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Independence
    County
    Montgomery
    State
    Kansas
    Longitude
    -95.7434
    Latitude
    37.2233
    CBSA code
    17700
    CBSA name
    COFFEYVILLE, KS MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2019
    $260,596
    $71,738
    $1,306,013
    $1,377,751
    -
    $286,950
    $5,224,050
    $5,511,000

    Comparable in this City

    • Value Estimation
      $1,165,000
      19,304 SF

      915 Penn Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 19,304 SF
      915 Penn Ave, Independence, KS 67301-2500
      View Details
    • Value Estimation
      $710,000
      9,020 SF

      1210 Main St

      WHOLESALE OUTLET, DISCOUNT STORE • 9,020 SF
      1210 Main St, Independence, KS 67301-3701
      View Details
    • Value Estimation by Request
      3,950 SF

      3011 Main St

      WHOLESALE OUTLET, DISCOUNT STORE • 3,950 SF
      3011 Main St, Independence, KS 67301-8495
      View Details
    • Value Estimation
      $1,405,000
      22,500 SF

      3102 Main St

      WHOLESALE OUTLET, DISCOUNT STORE • 22,500 SF
      3102 Main St, Independence, KS 67301-8448
      View Details
    • Value Estimation
      $1,495,000
      25,000 SF

      3182 Us Hwy 160

      WHOLESALE OUTLET, DISCOUNT STORE • 25,000 SF
      3182 Us Hwy 160, Independence, KS 67301-8976
      View Details
    • Value Estimation
      $2,685,000
      40,421 SF

      2615 Main St

      WHOLESALE OUTLET, DISCOUNT STORE • 40,421 SF
      2615 Main St, Independence, KS 67301-8419
      View Details

    Similar Nearby for Sale

    • $179,000
      Pending

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      Custom-built retail, office, or restaurant space with great curb appeal.
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      View Details
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      4,749 SF

      Turnkey Car Wash on Main

      Operational car wash on a major thoroughfare with great visibility.
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    • $540,000
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      Remodeled Historic Commercial Building

      Turnkey commercial building in downtown Independence, Kansas with income potential.
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      View Details
    • $99,999
      4,139 SF

      Turnkey Car Wash on Corner Lot

      Operational car wash on a corner lot with high visibility.
      1228 N Pennsylvania Ave, Independence, KS 67301
      View Details
    • $128,000
      32.12 Acres

      32-Acre Timber and Recreational Land

      Timber and recreational property minutes from town with year-round access.
      00000 Cr 3925, Independence, KS 67301
      View Details
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    121 Peter Pan Rd
    Independence, KS 67301-7307
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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